India’s oil import will not be affected by US sanctions on Iran

India’s oil imports won’t be affected by US withdrawing from the landmark 2015 accord and reinstating financial sanctions on Iran as India pays its oil suppliers in Euros using European banking channels & unless these are blocked, imports will continue. “Immediately there will be no impact but we have to wait and watch how other nations particularly the European blocks, react,” said A K Sharma, Director (Finance) at IOCL.